Bank of New York Mellon Corp Increases Stake in Energy Transfer LP (NYSE:ET)

Bank of New York Mellon Corp lifted its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 20.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,509 shares of the pipeline company's stock after acquiring an additional 22,457 shares during the period. Bank of New York Mellon Corp's holdings in Energy Transfer were worth $2,501,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ET. World Investment Advisors raised its holdings in Energy Transfer by 4.8% in the first quarter. World Investment Advisors now owns 91,953 shares of the pipeline company's stock valued at $1,709,000 after buying an additional 4,200 shares during the period. Generali Investments CEE investicni spolecnost a.s. purchased a new position in Energy Transfer in the first quarter valued at approximately $99,000. Brookstone Capital Management raised its holdings in Energy Transfer by 8.1% in the first quarter. Brookstone Capital Management now owns 244,204 shares of the pipeline company's stock valued at $4,540,000 after buying an additional 18,375 shares during the period. Catalyst Capital Advisors LLC raised its holdings in Energy Transfer by 6.1% in the first quarter. Catalyst Capital Advisors LLC now owns 2,072,055 shares of the pipeline company's stock valued at $38,520,000 after buying an additional 118,700 shares during the period. Finally, Avantax Planning Partners Inc. raised its holdings in Energy Transfer by 8.1% in the first quarter. Avantax Planning Partners Inc. now owns 30,369 shares of the pipeline company's stock valued at $565,000 after buying an additional 2,277 shares during the period. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Cowen assumed coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Monday, May 19th. Wells Fargo & Company dropped their price objective on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Mizuho lifted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Finally, TD Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a "buy" rating and a $22.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Energy Transfer has a consensus rating of "Moderate Buy" and an average target price of $22.58.

Energy Transfer Stock Up 0.4%

ET stock opened at $17.79 on Tuesday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.12 and a quick ratio of 0.92. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The firm has a fifty day moving average price of $17.78 and a two-hundred day moving average price of $18.26. The firm has a market cap of $61.05 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.92 and a beta of 0.79.

Energy Transfer (NYSE:ET - Get Free Report) last released its earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The firm had revenue of $21.02 billion during the quarter, compared to analyst estimates of $22.28 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. Research analysts predict that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.33 per share. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 8th. This represents a $1.32 annualized dividend and a yield of 7.42%. Energy Transfer's payout ratio is presently 99.24%.

Insiders Place Their Bets

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $18.48, for a total transaction of $25,299.12. Following the completion of the sale, the director owned 24,523 shares in the company, valued at $453,185.04. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.28% of the stock is currently owned by insiders.

Energy Transfer Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.